The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1887-12-08

WASHINGTON December 6.-The Presidents
| message was read before the Senate and House
1 OF Representatives today. /, is AS follows:
| To the Congress Of the United States
| You are confronted at the threshold Of your
legislative duties with condition ut the national
finances which imperatively demands immediate
| and careful consideration. The amount Of money
| annually exacted through the operation of pres
| ent laws, from the industries and necessities uf
| the people, largely exceeds the sum necessary 10
| meet the expenses of the government. When
| we consider that the theory Of our institutions
guarantees In every citizen the full enjoyment of
all the fruit of his industry and enterprise. with
| only such deduction as may be his share to-
| wards the careful and economical m m,inteuance
| of the government which protects him, IL is PLAN
that the cxaciOn of more than this Il indetensi
BILE extortion and u culpabie he ravAi of Amer
can fairness and justice. This wrong inflicted
upon those who bear the burden OF national tax
alton, like other wrongs, mul,pes brood of
evil consequences. The public treasury, which
should only exist as a conduit conveying the
peoples tribute to its legitimate object Of expen
diture becomes a hnarding place for money need
lessly Withdrawn from trade and the peoples use,
thus cripling our national energies suspending
our cnuD,rys development, preventing invest
ment in productive enterprise threatening fnan.
cial disturbance and inviting schemes Of public
p'rnder. This condition OF our treasury is not
late been submitted 10 the peoples representa-
tivcs In the Congress, who alone can apply a
remedy, and yet the situation still continues with
aggravated incidents more than ever presaging
financial CONFUSION and widespread disaster.
1t will not do To neglect this situation, because
lis dangers are not now palpably imminent and
apparent; they exist none the less certainly, and
await the unforeseen and unexpected occasion,
when suddenly they will be precipitated upon
u.s.
EXCESSIVE TAXATION.
On the Seth day of Juoe, 1885, the excess of
revenues over public expenditures, after comply
ing with the annual requirement of the sinking
fund excess was $17. .S59 1876 "a; duriag the
year ended June Both 1885, such excess amount
ed to $4S 405 545 90, and during the year ended
June Seth, 1887, il reached the sum of S., ,567,-
S4954
The annual contribution to the sinking fund
during the three years above specified, amount
ing In the aggregate TO $133, ,058 500 o. and de-
Quoted from the surplus as stated, were made by
calling IN for that purpose outstanding per
cent bonds OF the Government. during the six
months prior 10 June, Both, 1887. the surplus
revenue had grown So large by repeated accum-
ulations and it was feared the withdrawal Of
this great sum OF money needed by the people
would 81 affect the business Of the country that
the sum Of $50 864 100 Of such surplus was ap-
Piled 10 The payment of the principal and inter.
est Of the per cent. bonds still outstanding, and
government The precarious condition OF finan-
cal affairs among tue people still needing relief
Immediately aNer the 30h day Of June, 1887,
the remainder Of the 3 per cent. bonds then out
standing. amounting with principal and interest
10 the sum of $18S77, 500, were called in and ap-
piled to The sinking iund contribution TOR the
current fiscal year. Notwithstanding these op-
erations of the Treasury Department representa-.
lions OF distress in business circles not only con-
Gnued but increased, and absolute peril seemed
at hand.
A MEASURE OF RELIEF
In these circumstances the contribution TO the
sinking fund for the current fiscal year was at
once completed by the expenditure Of $27, ,6S4,-
1888 55 in the purchase of government bonds not
yet due, bearing and H per cent. interest, the
premium paid thereon averaging about "A per
cent. for the former and per cent. for the
latter. In addition to this the interest accru-
ing during the current year upon the ouisiand-
ing bonded Indebtedness OF the government
was, 10 some extent, anticipated and banks
selected as repositories of public money were
permitted To somewhat increase their deposits,
while the expedients thus employed To release
to the people the money lying idle in the treas
ury served 10 avert immediate danger, our sur
plus revenues have continued Tn accumulate the
excess for the present year amounting on the
LIST day of December TO $55, ,256, 70l 10 and esti-
mated to reach the sum Of $1l3 900 900 on the
SO'h al June next, at which date il is expected
that this sum amended TO prior accumula,ions
will swell the surplus in the treasury 10 $40
WO,0OO. There seems to be no assurance that
with such Withdrawal from of the peoples
circulating medium our business community may
not in the near future be subjected 10 the same
distress which was quite lately produced from
the same cause, and while the functions of the
National Treasury should be few and simple
and while its best condition would be reached,
believe. by its entire dsconnection with private
business interests, yet when by perverson of
its purposes, it idly holds money uselessly sub
tracted from the channels Of trade, there seems
TO be reason for The claim tina; some legitimate
means should be devised by the government to
restore, in an emergency, without waste or ex-
iravagance, such money to it's place among the
people. II such An emergency arises, there now
exists no clear and undoub,ed executive power
Of relief. Heretofore the redemption of 3 per
cent. bonds, which were payable at the option of
the government has offered means for the dis
bursement OF the excess of our revenues; but
these bonds have all been retired and there are
no bonds outstanding, the payment Of which we
have the right to Insist upon. The contribution
to the sinking fund which furnishes the occasion
for expenditure in the purchase of bonds, has
been already made for the current year, so that
there is outlet in that direction.
NECESSITY FOR LEGISLATION.
In the present state OF legislation the only pre-
tence OF any existing executive power to restore
al this time any part Of our surplus revenues to
the people by its expenditure, consists IN the
suppnsition that the Secretary of the Treasury
may enter the market, and purchase the bonds
of The government, not yet due, al rate of pre-
MUM to be agreed upon The only provision
of law from which such pawer could he derived
is found in appropriation bill passed q num-
Der OF years ago, and it is subject to the susp-
cion that il was intended as tenporaryand limited
in its application, instead of conferriug a conin.
uing discretion and authority. No condition
ought to exist which would Justify the grant of
power to q single official, upon his judgment of
its necessity, to withhold from or release 10 The
money held in the treasury, and thus affect, al
his will, the financial situation of the country
and it it is deemed wise to lodge in the Secretary
OF the Treasury the authority in the present
juncure to purchase bonds, it should I've plainly
vested and provided as far AS possible. with such
cheeks and limitations As will define this off,
cials right and discretion and at The same time
relieve him from undue responsibility.
In considering the question of purchasing
bonds as means ot restoring TO circulation the
surplus money accumulating in the treasury, il
should be borne in mind that premiums must of
course be paid upon such purchase that there
NAV be a large part CT these bonds held as in
yesiments hich cannot be purchased at any
price, and tha: combinations among holders who
are willing to sell may unreasonably enhance the
cost of such bonds 10 The government
QUESTION OF REFUNDING, ETC.
1t has been suggested that The present bonded
debt might be refunded al u less rate of interest
and the difference between the old and new Sc
curi,ies In cash, thus finding use fbr the surplus
in the treasury. The success of this plan, Ii is
apparent, must depend upon the v0tiOn of the